LAKE ZURICH, ILL. — CBRE National Senior Housing has arranged an $18.3 million construction loan for a joint venture between Pathway Senior Living and Virtus Real Estate Capital. The joint venture will build Azpira Place of Lake Zurich, a 120-unit assisted living community in the Chicago suburb of Lake Zurich. The Class A, 105,000-square-foot, three-story community will be situated on a 5.8-acre parcel. Aron Will, executive vice president of CBRE National Senior Housing, arranged the four-year, floating-rate loan through a regional bank. The loan includes 36 months of interest-only payments. Pathway Senior Living is a Chicago-based firm founded in 1997. The company operates 20 seniors housing communities, primarily in the Chicago area. Virtus is a private equity sponsor based in Austin, Texas.
WESTERVILLE, OHIO — Cushman & Wakefield has brokered the sale of an office building in Westerville, a northeastern suburb of Columbus. Linda Aselin of Powell, Ohio, sold the 14,993-square-foot, Class B asset to 575 Westar Crossing LLC for $1.4 million. The facility was built in 2003 and is located at 575 Westar Crossing. Todd Barcus and John Boll of Cushman & Wakefield represented the seller. The building was constructed for National Auto Care Corp. in 2004, but NAC recently downsized and moved out of the building. The new owner plans to invest in the property and create a multi-tenant complex.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged the lease of a 1,482-square-foot office property in Grand Rapids. Lectronix Inc. signed a five-year lease at an office property located at 2627 E. Beltline Ave. The facility was formerly a Bank of America retail branch and will now serve as the engineering and design center for Lectronix. Mary Anne Wisinski Rosely and Jason Makowski of NAI Wisinski represented the landlord, Goudzwaard Financial Center LLC. Patrick Mohney of Berkshire Hathaway represented the tenant. Lectronix will occupy the building starting Nov. 1 of this year.
WILDWOOD, MO. — The City of Wildwood has opened The Grove, a $3.7 million community park located in Wildwood, a western St. Louis suburb. The Grove is the first phase of a new project, Wildwood Community Park, which will span 66 acres when complete and is estimated to cost $20 million. The Grove is a seven-acre play area that aims to blend modern amenities with natural elements. Construction began in 2014 and was completed this past August. Oates Associates designed and developed the master plan for the Wildwood Community Park in 2010. The Grove includes a parking area, trails, an exercise area, a pavilion, picnic areas, gardens and a dog park complete with agility elements. The natural elements of the playground include rock walls and ledges, a teepee, log piles and posts, climbing structures, rope nets, boardwalks and a 20-foot tower. The city will continue to develop the Wildwood Community Park in phases over the next five to 10 years as funding becomes available. Oates Associates is a multi-disciplined planning and design firm offering civil and structural engineering and architectural services, from concept through construction.
WESTMONT, ILL. — CBRE’s debt and structured finance team has secured $24 million in construction financing for Pathway Senior Living and Virtus Real Estate Capital. The joint venture partnership will use the financing to construct Aspired Living of Westmont, a Class A assisted living and memory care facility in Westmont, a western Chicago suburb. The property will consist of 75 assisted living units and 34 memory care units. The 123,000-square-foot, three-story building will be situated on 3.5 acres. The loan was originated at 70 percent loan-to-cost and includes a four-year floating rate and 36 months of interest-only payments. Aron Will of CBRE arranged the financing provided by a regional bank. Chicago-based Pathway Senior Living is a privately held company. Austin, Texas-based Virtus Real Estate Capital is a real estate private equity sponsor.
ARLINGTON HEIGHTS, ILL. — The historic Vail Davis Building, located at 15 N. Vail Ave. in Arlington Heights, a northwest Chicago suburb, has undergone a complete makeover to create 16 luxury residences for upscale renters. CF Real Estate and 33, a real estate firm, acquired the historic mixed-use building in June 2014 for $2.5 million in an off-market transaction. Renovations at the Vail Davis Building included a total rehabbing of all rental units, new HVAC systems, electrical systems upgrades, new windows and a restored underground sewer system. The $1.4 million project was completed in early November and the 16 units are 100 percent leased. Restaurants La Tasca and Bangkok Café currently lease the ground-level retail space and have continued to operate during the renovations. Completed in 1929, the building originally included 16 apartments on the second and third floors and eight retail establishments on the first floor: Redker Real Estate, a druggist, barber, fish market, tailor, restaurant, Western Union and the Hoggay pool hall. In later years, one of the more well-known tenants in the building was the Hertzog cigar factory, makers of the hand-rolled Gander Cigar. The Vail Davis Building, which features an English-style architecture, includes a distinctive castle …
CHICAGO — Essex Realty Group Inc. has brokered the $1.5 million sale of a vacant warehouse property on the south side of Chicago. The building, Kissel Kar Lofts, is three stories and 54,000 square feet. Located at 2550 S. Wabash Ave., the property is in need of a full rehabilitation. Doug Fisher and Jason Fishleder of Essex brokered the transaction. The buyer and seller were undisclosed.
RACINE AND OCONOMOWOC, WIS. — Brokerage firm Siegel-Gallagher has completed two lease renewals in separate transactions in Wisconsin. In the first transaction, Check Into Cash of Wisconsin LLC renewed its 1,200-square-foot retail lease at 5201-5409 Washington Ave. in Racine. The property is owned by Racine Shopping Centre LLC. Devin Tessmer of Siegel-Gallagher arranged the transaction. In the second deal, Froedtert Memorial Lutheran Hospital renewed its 5,837-square-foot office lease in Oconomowoc. Ohio National Life Insurance is the landlord of the property located at 1230 Corporate Center Drive. Shaun Dempsey of Siegel-Gallagher brokered the deal.
CHICAGO — Interra Realty has arranged the sale of four multifamily properties in Chicago for $1.9 million. Brad Feldman of Interra Realty represented both parties in each of the four separate transactions. Logan Square, a four-unit apartment building, sold for $775,000 and is located at 2613 W. Armitage Ave. All units were two-bedroom/one-bath. A 12-unit property located at 4950-4956 S. Michigan Ave. sold for $837,500. The building, which had all Section-8 renters, is located in the Bronzeville neighborhood. The property features six three-bedroom units and six two-bedroom units. An eight-unit property in the greater Grand Crossing neighborhood located at 7556 S. Eberhart Ave. sold for $247,500. It is made up of five two-bedroom and three one-bedroom units. In the South Shore neighborhood, a bank-owned 12-unit mixed-use property at 1735 E. 71st St. sold for $105,000. It consists of four retail spaces, one two-bedroom unit and seven studio apartments. The buyer and seller in the transaction were not disclosed.
CLAYTON, MO. — The Opus Group and AIG Global Real Estate have unveiled plans to build a six-story, mixed-use building in the downtown business district of Clayton, a western St. Louis suburb. The project will feature five stories of residential units. The units will be a mix of studio, alcove, one- and two-bedroom apartments. The ground level will consist of 13,000 square feet of retail space. Amenities will include a Fitness On Demand studio, secure bike storage, a rooftop terrace, clubroom, game room and a fire pit/grill area. Opus Development Company LLC will be the developer, and Opus Design Build LLC will be the design-builder. Opus AE Group LLC will be the engineer and project architect. Construction will begin late this year, and completion is slated for March 2017.